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Rating:A Bank Moves Away from the Proprietary Fund Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 29, 2010

A Bank Moves Away from the Proprietary Fund Biz

News summary by MFWire's editors

The Bank of Hawaii is moving away from the proprietary mutual fund space. The bank, which currently runs 12 mutual funds in its Pacific Capital Funds lineup, will "be further transitioning its asset management activities into an open architecture investment process" as part of a long-term strategy, according to an SEC filing on March 4.

As part of the plan, Aberdeen Asset Management will pick up four funds: New Asia Growth, International Stock, Small Cap and High Grade Core Fixed Income funds.

Bank of Hawaii plans to liquidate six funds -- Mid-Cap, Growth Stock Growth and Income, Value, High Grade Short Intermediate Fixed Income, and U.S. Government Short Fixed Income -- and keep two others.

Two other funds -- Tax-Free Securities and Tax-Free Short Intermediate Securities -- will be reorganized into similar newly-organized portfolios of FundVantage Trust, a series of mutual funds administered by PNC Global Investment Servicing. Bank of Hawaii's asset management group will serve as investment manager of the new portfolios.

Fund shareholder meetings are scheduled for May. 

Edited by: Armie Margaret Lee


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